Real examples. Real companies. Real business decisions. Better learning outcomes.
Microeconomics is the most engaging introductory economics resource available to students today. Using real businesses examples to show how managers use economics to make real decisions every day, the subject is made relevant and meaningful.
Each chapter of the text opens with a case study featuring a real business or real business situation, refers to the study throughout the chapter, and concludes with An Inside Look-a news article format which illustrates how a key principle covered in the chapter relates to real business situations or was used by a real company to make a real business decision.
Solved problems in every chapter motivate learners to confidently connect with the theory to solve economic problems and analyse current economic events.
PART 1 INTRODUCTION
CHAPTER 1 Economics: Foundations and models
CHAPTER 1 APPENDIX Using graphs and formulae
CHAPTER 2 Choices and trade-offs in the market
PART 2 HOW THE MARKET WORKS
CHAPTER 3 Where prices come from: The interaction of demand and supply
CHAPTER 4 Elasticity: The responsiveness of demand and supply
CHAPTER 5 Economic efficiency, government price setting and taxes
CHAPTER 5 APPENDIX Quantitative demand and supply analysis
PART 3 CONSUMERS AND FIRMS
CHAPTER 6 Consumer choice and behavioural economics
CHAPTER 6 APPENDIX Using indifference curves and budget lines to understand consumer behaviour
CHAPTER 7 Technology, production and costs
CHAPTER 7 APPENDIX Using isoquants and isocosts to understand production and costs
PART 4 MARKET STRUCTURE AND FIRM STRATEGY
CHAPTER 8 Firms in perfectly competitive markets
CHAPTER 9 Monopoly markets
CHAPTER 9 APPENDIX Price discrimination
CHAPTER 10 Monopolistic competition
CHAPTER 11 Oligopoly: Firms in less competitive markets
CHAPTER 11 APPENDIX Traditional models of oligopoly
PART 5 MARKETS FOR FACTORS OF PRODUCTION
CHAPTER 12 The markets for labour and other factors of production
CHAPTER 12 APPENDIX Tools to analyse the decision to purchase capital
PART 6 THE INTERNATIONAL ECONOMY
CHAPTER 13 International trade
PART 7 THE ROLE OF GOVERNMENT
CHAPTER 14 Government intervention in the market
CHAPTER 15 Externalities, environmental policy and public goods
CHAPTER 16 The distribution of income and social policy
NEW TO THIS EDITION:
The third edition retains the focus of presenting economics in the context of real-world businesses and real-world policy debates that proved effective for teaching and learning. The authors have made a number of important improvements, which make the text an even more effective teaching tool. These changes include suggestions from lecturers currently using the text and from reviewers. A clear focus on learning objectives and AACSB Assurances of Learning. To make it easy for instructors, End-of-chapter Summaries, Review Questions and Problems and Applications are grouped according to Learning Objectives. All online quizzes are also organised and tagged this way.
- New and updated opening business case studies. Many are completely replaced with up-to-date business examples.
- 'Economics in Your Life' feature challenges students to think critically about how economics affects their own lives. This item opens and closes each chapter and students can check their answer against a response at the end of the chapter.
- All macroeconomic data is updated throughout the text and accompanying resources. Figures and tables are updated, using the latest data available.
- All 'Making the Connection' features are updated, with a number of new and substantially revised features. These features help students tie economic concepts to current events and policy debates.
- All new 'An Inside Look' news articles and analysis, to enable students to apply economic concepts to current events and policy debates.
- Many new, revised and updated end-of-chapter Problems and Applications.
- The latest coverage of both domestic and international economics policy changes that have occurred over recent years. This includes updates to monetary, fiscal and International chapters which are updated with the latest economic policies, including:
- Increased coverage of the growing use of off-shoring in Chapters 1 and 13.
- New material on the growth in farmers' markets in Australia in the context of competitive markets in Chapter 8.
- A new appendix on Net Present Value and the decision to buy capital in Chapter 12.
- New sections on positive production externalities and negative consumption externalities and related policy analysis in Chapter 15.
- Updated material on the policy debate on climate change policy in Chapter 15.